A tour of the AML/CFT hub

Steps

1. 1

   Open AML/CFT from the left menu

   In the left menu, under Financial Crime, select AML/CFT. AML means anti money laundering and CFT means countering the financing of terrorism. Only people whose role includes this module see the menu item.

   • Select AML/CFT
2. 2

   Read the five counters

   The strip at the top counts the work in hand. CDD Records are your customer due diligence files, with the number rated high risk underneath. PEP Screenings counts every check for politically exposed persons, with how many are confirmed and how many are still to review underneath. Active Alerts are flagged transactions waiting for a decision. SAR Reports are suspicious activity reports that are not yet filed. Risk Level is the result of your latest business risk assessment; it says N/A until you record one.

3. 3

   Find the eight tabs

   Below the counters is a row of eight tabs: Dashboard, CDD Records, Monitoring, SARs, Adverse Media, Network, Screening and Audit Trail. The tab you are on is kept in the page address, so you can bookmark a tab or send a colleague a link to it.

4. 4

   Read Risk Overview and Compliance Status

   The Dashboard tab opens first. Risk Overview shows the overall risk level and the latest score from your business risk assessment. Compliance Status shows how much of your customer due diligence is complete and how many alerts are open.

5. 5

   Read Screening Coverage

   Screening Coverage lists the official sanctions lists every name is checked against, each with the number of entries loaded, and the database of politically exposed persons. Under Optional are commercial sources that are not connected, and CBUAE goAML, marked Manual: the app does not file reports with the regulator for you.

6. 6

   Find Risk Assessments

   At the bottom of the Dashboard tab is Risk Assessments, with the New Assessment button. It is empty until the first assessment is recorded. A later lesson fills it in.

7. 7

   Open CDD Records

   Select CDD Records. CDD means customer due diligence: one record for each customer you have identified and risk rated. Three buttons appear at the top right for this tab: Export CSV, Screen PEP and Add CDD Record. Export CSV stays grey while the list is empty.

   • Select CDD Records

   

8. 8

   Open Monitoring

   Select Monitoring. Transaction Alerts lists transactions the app has flagged, and Monitoring Rules lists the tests that do the flagging. Both are empty until the first transaction is recorded for the company. Run Monitoring Scan, at the top right, checks recent transactions on demand.

   • Select Monitoring
9. 9

   Open SARs

   Select SARs. SAR means suspicious activity report. Each report is created from an alert and is listed here with its status, amount, deadline, approval, filing date and reference.

   • Select SARs
10. 10

    Open Adverse Media

    Select Adverse Media. Adverse media means bad news about a customer, such as reports of fraud or corruption. The first card holds two settings for this entity: whether adverse media checks run at all, and how long identity documents are kept. Below it you run a check on a name and read the results.

    • Select Adverse Media
11. 11

    Open Network

    Select Network. Here you record how parties are connected, for example that a person is a director of a customer, and run an analysis that looks for risky patterns in those connections.

    • Select Network
12. 12

    Open Screening

    Select Screening. This is sanctions screening: the Screen Counterparty form checks one name by hand, and All Screening Checks lists every check, including the ones the app runs by itself when a name is added elsewhere. The list on the left filters the checks by status.

    • Select Screening
13. 13

    Open Audit Trail

    Select Audit Trail. Every action in this hub is recorded here with the time, the action, the record and the person. It is empty now because nothing has been done yet.

    • Select Audit Trail
14. 14

    Find the report and the year filter

    Two controls stay at the top right on every tab. AML Report PDF downloads a summary report for the regulator or an auditor. The filter beside it starts on All Years; open it to limit every tab and the report to one financial year.

    • Select Year